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The Bank of England’s (BoE) executive director for financial stability, Alex Brazier, said on Monday that it may be difficult to find global consensus on reforms to apply lessons from market upheavals a year ago, per Reuters.

Additional takeaways

“Solutions to non-banks are not about capital  but about redemption terms for investors.”

“Non-banks may need guard rails  to avoid too much leverage building up.”

“Reform for non-banks will be bespoke  solutions, not blanket capital requirements as for banks.”

“Bank capital rules can be simplified without undermining resilience against market shocks.”

“Agreeing to EU  financial market access could mean Britain being a complete rule-taker.”

“Would be pretty short-sighted  to sign up to EU  financial market access just to secure business in London.”

“The bank is engaging pretty closely with firms following losses related to Archegos Capital.”

Market reaction

The UK’s FTSE 100 Index rebounded from daily lows in the last hour and was losing 0.1% on the day at 6,733 at the time of press.